NSEL second payout: Bourse gets only Rs 3.40 cr today

Written by Press Trust of India | New Delhi | Updated: Aug 27 2013, 03:35am hrs
The National Spot Exchange (NSEL) could gather only Rs 3.40 crore today from its members and clients against the second scheduled payout of Rs 174.72 crore which is due tomorrow.

Of 24 members, 11 members have paid a total of Rs 11.90 crore so far (Rs 40 lakh was paid on August 21, Rs 8.10 crore on August 23 and Rs 3.40 crore on August 26).

The exchange had announced a seven-month plan to settle the dues to investors.

As per the plan, August 16 was the first 'pay-in' day and August 20 the first 'pay-out' day. However, NSEL was able to pay only Rs 92 crore in the first pay-out, out of the scheduled Rs 174.72 crore.

There are 24 companies which have to pay Rs 5,600 crore to the spot exchange for settling dues to investors.

Meanwhile, NSEL declared nine members (buyers) who failed to pay their dues on the first day of settlement on August 20 as 'defaulters', following directives from the commodity market regulator FMC.

The beleaguered bourse today lodged complaint against five defaulters, including the major defaulter NK Proteins, with the Economic Offences Wing (EOW) as they failed to meet FMC norms on having adequate commodities in warehouses.

NSEL, promoted by Jignesh Shah-led Financial Technologies (India) Ltd, is facing the problem of settling Rs 5,600 crore dues to 148 members/brokers, representing 13,000 investor clients, after it suspended trade on July 31 on the government direction.